Litecoin (LTC)


About Litecoin

Litecoin Logo What is Litecoin?

Litecoin without any doubt is the oldest of all the altcoins as it was first put out there for the test run in 2011. It did come out sometime after the Namecoin and has been out ever since and only thriving among the crypto enthusiasts. For many years until Ethereum emerged on the horizon it was Litecoin that was considered the next big cryptocurrency after Bitcoin. It couldn’t hold that place for longer and when Ethereum showed up it was kind of over for Litecoin being in the second position among the crypto realm.

The main objective difference between Bitcoin and Litecoin other than the fact that both are cryptocurrencies is that Litecoin is a manning puzzle. It uses a memory-hard mining puzzle for the sake of validating all these transactions taking place on the blockchain while Bitcoin uses a computation hard one.

Unique aspects of Litecoin

Litecoin had a clear objective when it came to mining that it didn’t want to use GPU for the sake of mining while Bitcoin was already dependent on the graphical input for the sake of validating transactions. But it can’t be done right from the bat because for the sake of mining Litecoin did require some GPU intensive game and after that, it was hypothesised that it could be transferred from GPU to a specific Litecoin ASIC (application-specific integrated circuit).

Apart from the mining puzzle difference, there are a couple more parameters in the light of which Litecoin basically differs from Bitcoin and it remains still to this date the most forked cryptocurrency there is right after Bitcoin.

Should you invest in Litecoin?

Bitcoin was the first cryptocurrency which means that everything was to be done from scratch for it to become successful. Developing the world’s first blockchain, inventing the idea of decentralisation, and moreover writing and implementing all these protocols, all was done from scratch for Bitcoin. There were a lot of setbacks but developers got through them with a trial and error scheme, they ruled out the mistakes and errors one by one and continued to develop the platform as they went on.

With the advancement in technology and all that hard copy data present from the times of Bitcoin development other cryptocurrencies definitely got a head start over Bitcoin. The same thinking applies to Litecoin, this cryptocurrency has made a lot of improvements over the years, and it is not only faster but charges less in terms of the transaction fees as compared to Bitcoin.

And most importantly it is an open-source platform which means that its code is out there and can be customised as per the very requirements of the users. Most importantly it is a recognised and fully backed coin from regulators all around the world, so that you wouldn’t have to face any trouble while trying to buy, sell or trade Litecoin as a cryptocurrency. But before you delve into this adventure you must be aware that at the end of the day it is a cryptocurrency and almost all of these are volatile, so be well prepared before investing.

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